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1 1 September
2 Index Section Page Introduction 3 Group Financial Results 5 Life Financials - Ireland 8 Bank Financials 12 Associate 17 Capital & Dividend 18 Review of Life Business 20 Review of Banking Business 25 Summary & Outlook 29 Additional Information Total Contribution after Tax 31 Total Profit after Tax 32 Contribution EPS 33 Embedded Value Movement 34 Regulatory Capital 35 P&L additional analysis 37 Sales - Life Assurance 40 * slight differences on % changes due to rounding
3 Market Context Drivers Challenges Very strong economy Employment growth Record housing demand Policy support for pensions Lower margin life products Low interest rates Equity investor nervousness Competition 3
4 Interim Results 2004 Actions Maximised sales Seized pension opportunity Leveraged distribution strength Tight cost control New mortgage lending in Ireland + 41% Individual pension sales + 63% Operating costs down Underlying pre-tax operating profit + 15% Highlights Interim dividend of 16.5c + 10% 4
5 Financial Review Peter Fitzpatrick
6 Total Profit After Tax 1H 04 1H 03 Change m m % 7 Total Contribution* (2) 39 Investment fluctuations 10 7 Exceptionals & other items (4) (56) Taxation & Levy (28) (30) Total Profit after tax * Operating profit 6
7 Total Contribution 1H 04 1H 03 Change m m % Ireland & UK Life Assurance Banking & Other 56 75* (26) General insurance [Associate] US - 2 Total Contribution (2) * Includes 26m gains on hedge securities 7
8 Life Assurance - Contribution Ireland 1H 04 1H 03 Change m m % 9 10 New Business In-force Business Other Income UK
9 Life Assurance - New Business 40 1H 04 1H 03 Change % Life Value of new business 21m 16m 28 New business APE* 161m 132m 22 Margin 12.8% 12.1% 40 ILIM Value of new business 3m 2m 41 New business APE* 26m 21m 24 Margin 12.1% 10.6% * Annual premium equivalent 9
10 Life Assurance - In-force Business 1H 04 1H 03 Change m m % Unwind of discount rate Experience variances 9 10 Assumption changes Expected investment return
11 Life Assurance - Costs Ireland 1H 04 1H 03 Change m m % Operating costs (4) Commission & fees Non-life subsidiaries US & UK 3 34 Corporate
12 Banking & Other - Contribution 1H 04 1H 03 Change m m % Net Interest Income Gain on disposal of hedge securities Fees receivable & other Income Fees payable (21) (16) Expenses (119) (124) Bad & Doubtful Debts (4) (6) Contribution (26) 12
13 Banking - Margin Change % FY Retail (0.13) Treasury (0.02) Funding (0.04) 1H
14 Banking - Funding Mortgage Backed Promissory Notes Securitisation Interbank Borrowing +15% -6% -41% 1H 04 Total 25.5bn FY 03 Total 22.6bn Commercial Paper +28% Long Term Debt +26% Customer Accounts +14% bn
15 Banking & Other - Costs 1H 04 1H 03 Change m m % Banking (2) Corporate & Other Cost/Income Ratio % % Reported Incl. Commission Incl. Bank EV Earnings
16 Banking - Debt Provisions 1H 04 1H 03 m m Opening Balance Charge for Period 4 6 Amounts Written Off (3) (4) Closing Balance % % Reserve ratio Arrears ratio Arrears value 40m 38m 16
17 General Insurance [Associate] 1H 04 1H 03 m m Contribution Short term investment fluctuations Note: Contribution includes expected/normalised investment returns 17
18 Capital Ratios 1H 04 FY Bank Tier 1/ Total 10.1% 11.1% Life solvency cover (Irish Life) 1.8 times 1.8 times NAV per share* * Includes shares held by policyholder funds 18
19 Dividend & EPS 1H 04 1H 03 Change % Dividend 16.5c 15.0c 10 EPS* Contribution after tax 55.8c 58.2c (4) - Total Profit after tax 60.7c 41.3c 47 * Includes shares held by policyholder funds 19
20 David Went
21 Total Life Sales - Ireland ILIM +24% 1H 04 Total 186m 1H 03 Total 153m Corporate Business +14% Retail +29% m * Analysis on page 40 21
22 Retail Life - Products Savings +107% 1H 04 Total 82m 1H 03 Total 64m Protection/Risk +2% Pensions +63% Investments +8% m * Analysis on page 41 22
23 Retail Life - Distribution Institutions +2% 1H 04 Total 82m 1H 03 Total 64m Bancassurance +17% Brokers/IFA +22% Direct Salesforce +60% m * Analysis on page 41 23
24 Corporate Life - Products Protection/Risk +1% 1H 04 Total 71m 1H 03 Total 62m Defined Benefit/Other +10% Defined Contribution +19% m
25 Banking - New Lending Commercial +41% 1H 04 Total 3,681m 1H 03 Total 2,570m Consumer Finance +13% Ireland Mortgages +41% UK Mortgages +76% m ,000 1,500 2,000 2,500 25
26 Banking - Loan Book 1H 04 1H 03 Change bn bn % Ireland Mortgages* Consumer Finance Commercial Stg bn Stg bn UK - Mortgages* Total Lending* * Including securitised assets 26
27 Banking - New Mortgage Lending 1H 04 FY 03 % % Overall LTVs (% of advances) First time buyers Others Average LTV Ranges (% of cases) < 75% > 75%* * Max LTV 92% 27
28 Banking - Customer Accounts Customer account balances up 14% yoy 20,000 new Loyalty current accounts Current account balances up 18% yoy 200,000 users of 28
29 Summary & Outlook Positive economic outlook Key markets to perform well Meeting challenges on margins & costs Confident on second half trading 29
30 Additional Information Total contribution after tax Total profit after tax Contribution EPS Embedded value movement Life - regulatory capital Bank - regulatory capital P&L - additional analysis Sales - analysis of life assurance sales For further explanations of financial terms used in this presentation, see the Investor Relations section of our website
31 Total Contribution After Tax Pre-tax m 1H 04 Tax m Post-tax m 1H 03 Post-tax m Ireland/UK Banking & Other 56 (10) Life assurance 105 (16) (26) US - Life Assurance Share of Associate 25 (4) Levy* (6) (6) (6) Total Contribution 186 (36) * Government bank levy 31
32 Total Profit After Tax Pre-tax m 1H 04 Tax m Post-tax m 1H 03 Post-tax m Total Contribution 186 (36) Investment fluctuations Life Associate Goodwill (6) - (6) (6) Economic variance (3) Exceptional items 2-2 (48) Total Profit* 192 (28) *Before minority interest 32
33 Contribution EPS 1H 04 1H 03 Change m m % Total contribution Taxation (30) (27) Government Levy (6) (6) Average no of shares* 270m 269m EPS 55.8c 58.2c (4) * Includes shares held by policyholder funds 33
34 Embedded Value Movement Net Worth Value of Total Solvency in-force Capital m m m m Opening , Contribution (Net) Inv. Fluctuations (Net) Currency / Other Closing ,
35 Life Regulatory Capital m m Equities 15m Fixed Interest 19m Property 92m Other Assets 111m Free assets * 390m Cash 448m Solvency margin requirement 296m 0 Shareholders Net Assets Regulatory Capital * Not all admissible for solvency cover 35
36 Bank Regulatory Capital 1H 04 FY 03 m m Risk Weighted Assets 12,779 11,382 Capital: Tier 1 3,360 3,351 less Goodwill (Irish Life & TSB) (1,517) (1,522) 1,843 1,829 Tier 2 Sub-debt Other Total Capital 2,747 2,726 less Embedded Value deduction (90%) (1,458) (1,466) 1,289 1,260 RAR 10.1% 11.1% 36
37 Banking & Other - Non Int Income 1H 04 1H 03 Change m m % Fees & Commissions receivable Fees & Commissions payable (21) (16) Dealing profits - 6 Other income 2 1 Property Management (57) Note: Bancassurance Embedded Value earnings 19m (H1 03: 14m) included in life assurance. 37
38 Life Assurance - In-force Business Experience Variances Assumption Changes 1H 04 1H 03 1H 04 1H 03 m m m m Persistency Risk Other 2 (1)
39 Exceptionals & Other Items 1H 04 1H 03 m m Disposal of businesses - (50) Profit on disposal of branch properties 2 3 Economic Variance* - (3) Goodwill (6) (6) (4) (56) * Impact of changes in embedded value economic assumptions 39
40 Life Assurance Sales Recurring Premium Single Premium* 1H 04 1H 03 1H 04 1H 03 m m m m Retail Corporate Investments ILI * Annual premium equivalent 40
41 Life Assurance Sales* - Retail 1H 04 1H 03 m m Products Protection/Risk Pensions Investments Savings Distribution Bancassurance Brokers/IFAs Direct Sales Force Institutions * Annual premium equivalent 41
www.irishlifepermanent.ie 3rd September 2003 Index Section Page Introduction 1-3 Group Financial Results 4-6 Life Financials - Ireland 7-10 Bank Financials 11-16 Associate & Exceptional Items 17-18 Capital
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